Financials Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
24.78 ^CNY	+0.90%		-2.94%	-14.55%

Apr. 18	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,116	40,159	30,001	28,849	15,184	12,974	-	-
Enterprise Value (EV) ¹	23,116	40,159	30,001	28,849	15,184	12,974	12,974	12,974
P/E ratio	77.5 x	144 x	88.8 x	82.7 x	49 x	33 x	26.4 x	21.6 x
Yield	0.41%	-	-	0.36%	0.64%	-	-	-
Capitalization / Revenue	36.2 x	63.1 x	37.1 x	32.2 x	17.9 x	12.4 x	10 x	8.2 x
EV / Revenue	36.2 x	63.1 x	37.1 x	32.2 x	17.9 x	12.4 x	10 x	8.2 x
EV / EBITDA	65.3 x	119 x	72.3 x	66.4 x	40.2 x	27.8 x	22.5 x	17.9 x
EV / FCF	-	216 x	126 x	-	-	78.5 x	43.5 x	31 x
FCF Yield	-	0.46%	0.79%	-	-	1.27%	2.3%	3.23%
Price to Book	18.2 x	27.6 x	17.3 x	14.6 x	6.95 x	5.16 x	4.42 x	3.79 x
Nbr of stocks (in thousands)	523,584	523,584	523,584	523,584	523,584	523,584	-	-
Reference price ²	44.15	76.70	57.30	55.10	29.00	24.78	24.78	24.78
Announcement Date	2/28/20	3/5/21	2/11/22	4/20/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	639.4	636.2	807.7	896	848.2	1,045	1,295	1,582
EBITDA ¹	354.2	338	414.9	434.2	377.4	466	575.7	724.5
EBIT ¹	343.4	321.5	392.9	396.2	345	440	557.6	678.7
Operating Margin	53.71%	50.54%	48.65%	44.22%	40.67%	42.11%	43.06%	42.89%
Earnings before Tax (EBT) ¹	345.7	322.6	393	398.7	346	441	558.4	679.3
Net income ¹	298.3	278.4	338	348.8	310.2	389.7	490.6	599
Net margin	46.66%	43.77%	41.85%	38.92%	36.57%	37.29%	37.88%	37.86%
EPS ²	0.5697	0.5318	0.6455	0.6661	0.5924	0.7500	0.9380	1.147
Free Cash Flow ¹	-	186.1	238.4	-	-	165.2	298.3	418.8
FCF margin	-	29.25%	29.52%	-	-	15.81%	23.03%	26.47%
FCF Conversion (EBITDA)	-	55.05%	57.46%	-	-	35.46%	51.81%	57.8%
FCF Conversion (Net income)	-	66.82%	70.54%	-	-	42.4%	60.8%	69.91%
Dividend per Share ²	0.1800	-	-	0.2000	0.1850	-	-	-
Announcement Date	2/28/20	3/5/21	2/11/22	4/20/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	186	238	-	-	165	298	419
ROE (net income / shareholders' equity)	26%	20.6%	21.5%	18.8%	15%	15.5%	16.7%	17.5%
ROA (Net income/ Total Assets)	24%	18.4%	17.8%	15.2%	-	13.8%	15%	15.8%
Assets ¹	1,243	1,517	1,897	2,289	-	2,824	3,263	3,791
Book Value Per Share ²	2.430	2.780	3.320	3.780	4.170	4.800	5.600	6.540
Cash Flow per Share ²	0.4400	0.4900	0.6900	0.6900	0.7300	0.5800	0.7000	1.030
Capex ¹	99.8	70.2	122	189	209	145	127	129
Capex / Sales	15.61%	11.03%	15.12%	21.04%	24.66%	13.88%	9.77%	8.12%
Announcement Date	2/28/20	3/5/21	2/11/22	4/20/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.78 CNY

Average target price

29.46 CNY

Spread / Average Target

+18.87%

	1st Jan change	Capi.
ZHEJIANG WOLWO BIO-PHARMACEUTICAL CO., LTD.	-14.55%	1.8B
ELI LILLY AND COMPANY	+32.09%	693B
NOVO NORDISK A/S	+29.39%	584B
JOHNSON & JOHNSON	-1.34%	372B
MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+7.39%	294B
ASTRAZENECA PLC	+14.25%	239B
ROCHE HOLDING AG	-3.03%	211B
NOVARTIS AG	+10.02%	210B
AMGEN INC.	+8.49%	168B